How Does Bankruptcy Affect Filing Taxes?
The bankruptcy code has many confusing rules about tax debts and what can and cannot be discharged in bankruptcy. The most important thing to remember is that even if you have filed bankruptcy, you still have to file and pay your taxes on time.
At the metro Atlanta law firm of Gingold & Gingold LLC, you can meet with two experienced lawyers. Attorney Ira D. Gingold has been practicing bankruptcy law since 1971 and served as Court-appointed Bankruptcy Trustee from 1971 to 2013. His partner, attorney Jamie L. Gingold, is a skilled bankruptcy attorney practicing since 2001 who also has experience in issues dealing with business and real estate law. They will help you figure out your options.
We have offices in Atlanta, Cumming, Dallas and Douglasville to better serve you. Call (404) 685-8800 to schedule a free consultation and discuss your options.
What Will I Owe Taxes On?
A frequent question that people have is whether they will owe taxes on debt that has been discharged such as credit card debt or medical bills. The answer to that is no. Once that debt has been forgiven, it is gone because the taxpayer is insolvent or unable to pay his or her debts.
Remember, filing bankruptcy can help you regain financial stability; it cannot hurt you. You will be able to get a better handle on your bills you must continue to pay and stop your creditors from being able to harass you for the bills you cannot afford to pay.
Get The Clarity You Need. Contact Gingold & Gingold LLC Today.
Bankruptcy law is extremely complex. If you are interested in filing bankruptcy and need to know how that will affect your tax filing, contact our lawyers for help. Call (404) 685-8800 or send us an email to schedule a free consultation.